HSBC has selected Featurespace’s ARIC platform to bolster its anti-money laundering (AML) and fraud prevention in the insurance and retail fields.
The bank is just the latest financial institution to implement the ARIC to boost their fraud protection. Other clients include Worldpay, ClearBank and TSYS.
Earlier in the year, retail banking company Permanent TSB deployed the ARIC solution to help comply with PSD2 strong customer authentication compliance and bolster fraud reporting.
These clients leverage ARIC’s behavioural analytics and machine learning capabilities to monitor transactions, automatically detect anomalies in individual behaviour and prioritize alerts and predict future threats.
Featurespace CEO Martina King said, “In the fight against the ever-evolving threat of financial crime, collaboration is key. These firms’ application of our technology will help them in optimising the detection of suspicious activity, ultimately protecting their customers from the global impact of financial crime.”
Last month, the company released its PSD2-ready solution for fraud prevention. The platform has real-time machine learning backed by PSD2-specific data feeds and configurations, including rules and adaptive behavioural analytics, can be enterprise-ready within three months.
Earlier in the year, the RegTech startup collected £25m in a funding round led by Insight Venture Partners and Mission OG to support international growth.
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